K3 Capital operates through conservative risk management strategies combined with active participation in DeFi protocols, employing interest rate arbitrage opportunities and non-directional leveraged positions across multiple blockchain networks. Their business model combines traditional asset management with hands-on DeFi product development, creating yield-bearing instruments like sBOLD stablecoin and liquid restaking tokens while partnering with protocols like Gearbox, Euler, and Liquity.

The organization manages a suite of non-directional, DeFi-focused investment funds including Absolute USD Return Fund, Enhanced ETH Fund, and BTC Yield Fund, while also developing innovative DeFi products through K3 Capital Labs. They specialize in generating yield through interest rate arbitrages, liquidity pool participation, and bootstrapping total value locked (TVL) for new blockchain primitives, with over $570M in assets under management.

K3 Capital is a decentralized finance (DeFi) asset management firm that has been deploying liquidity on-chain since 2021, serving crypto-native companies and high-net-worth investors.

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K3 Capital

# Asset senders (monthly) methodology

## 1. Overview

Asset senders (monthly) is defined as the number of unique addresses from which asset transfers are initiated over a rolling 30-day period. For each tracked asset, outgoing transfer transactions are analyzed across supported blockchains to identify the sending addresses. These addresses are deduplicated over a 30-day window to represent the monthly active sender base. This metric is utilized to evaluate user adoption, transactional activity, and the overall utility of tokenized assets.

## 2. Data sources

- **EVM chain events**: Token transfer events, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Token transfer instructions
- **Aptos, Sui, Cardano, and Stellar Classic data**: Token withdraw transactions
- **Stellar Soroban, Algorand, Near, Injective, and Ripple data**: Token transfer transactions
- **Polkadot Asset Hub events**: `Transferred` events from `assets` pallets
- **Asset metadata**: Token contract addresses and decimal precision

## 3. Step-by-step calculation

### Component A: Extract daily asset senders

- **Purpose**: Identify unique addresses initiating transfers on a daily basis
- **Logic**: On EVM-compatible chains, token transfer events are parsed to extract the sender address from the transaction, excluding the zero address. On Solana, token transfer instructions are parsed to identify the authority address. On Aptos, Sui, Cardano, and Stellar Classic, token withdraw transactions are parsed to extract the account address. On Stellar Soroban, Algorand, Near, and Injective, token transfer transactions are parsed to extract the sender address, excluding null addresses. On Ripple, token transfer transactions with negative values are parsed to identify the sending account address. On Polkadot Asset Hub, `Transferred` events from `assets` pallets are parsed to extract the sender address. For all chains, the extracted addresses are grouped by day and token address to produce a daily record of unique senders.
- **Key fields**: `timestamp` (block day), `token_address` (asset identifier), `sender_address` (initiating address)

### Component B: Aggregate rolling monthly senders

- **Purpose**: Calculate the unique sender count over a rolling 30-day window
- **Logic**: A daily datespine is generated to establish a continuous timeline. For each day in the timeline, a 30-day lookback window is constructed, encompassing the current day and the preceding 29 days. Daily sender addresses collected within this window are aggregated and deduplicated. The total number of unique, deduplicated addresses is then counted for each asset on each day.
- **Key fields**: `timestamp` (calculation day), `token_address` (asset identifier), `asset_senders` (unique monthly sender count)

### Component C: Final aggregation and zero-filling

- **Purpose**: Combine data across chains and fill missing activity days
- **Logic**: The deduplicated monthly sender counts are aggregated at both the individual chain level and the global asset level. For days where no transfer activity is recorded for a tracked asset, the metric is filled with zero values to maintain a continuous time series.
- **Key fields**: `timestamp` (reporting day), `chain_id` (blockchain identifier), `token_address` (asset identifier), `asset_senders` (final monthly unique sender count)

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Unique asset senders over a rolling 30-day window.

K3 Capital

Asset senders (monthly)

Asset senders (monthly)

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